South Dakota § 47-15-37 Powers of cooperatives--Indemnification of agents.

South Dakota Statutes

§ 47-15-37 — Powers of cooperatives--Indemnification of agents.

South Dakota § 47-15-37

Title 47CORPORATIONS

Ch. 47-14BCOOPERATIVES--FORMATION AND GENERAL POWERS

This text of South Dakota § 47-15-37 (Powers of cooperatives--Indemnification of agents.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 47-15-37 (2026).

Text

Unless otherwise provided by its articles, a cooperative may indemnify any present or former director, officer, or agent against actual expenses necessarily incurred in defense of any proceeding in which he is a party because he is or was such director, officer, or agent. This section does not apply to those proceedings in which he is adjudged liable for negligence or misconduct in the performance of duty. Such indemnification shall not be exclusive of other rights to which he may be entitled.

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Unless otherwise provided by its articles, a cooperative may indemnify any present or former director, officer, or agent against actual expenses necessarily incurred in defense of any proceeding in which he is a party because he is or was such director, officer, or agent. This section does not apply to those proceedings in which he is adjudged liable for negligence or misconduct in the performance of duty. Such indemnification shall not be exclusive of other rights to which he may be entitled.